Contrary to what believers in the Phillips curve would say, U.S. economic data from 1955 to 2000 show evidence of:
a. a positive relationship between the unemployment rate and inflation.
b. no short-run relationship between the unemployment rate and inflation.
c. increases in both unemployment and inflation rates.
d. a constant rate of inflation, with changing rates of unemployment.
e. a constant rate of unemployment, with changing rates of inflation.
c
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If the absolute price elasticity of demand for good Y is 0.5, when there is a 20 percent increase in price, we can conclude that quantity demanded
A) has fallen by 100 percent. B) has fallen by 1 percent. C) has fallen by 10 percent. D) has fallen by 4 percent.
If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax
a. no matter how elastic the demand for the good is. b. only if demand is perfectly elastic. c. only if demand is perfectly inelastic. d. only if the government forbids them to raise the price of the good.
If an economy produces its most wanted goods but uses outdated production methods, it is:
A. achieving productive efficiency but not allocative efficiency. B. not achieving productive efficiency. C. achieving both productive and allocative efficiency. D. engaged in roundabout production.
A person's wealth is the total value of all the things they own.
Answer the following statement true (T) or false (F)